Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to investigations and government operations |
Senate Bill S6153
2013-2014 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2013-S6153 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A3363
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §951, Tax L
- Versions Introduced in 2015-2016 Legislative Session:
-
A3667
2013-S6153 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6153 TITLE OF BILL: An act to amend the tax law, in relation to raising the amount of the New York state estate tax exemption from one million dollars to five million dollars PURPOSE OR GENERAL IDEA OF BILL: The purpose of the bill is increase the amount of estate tax exemption from $1 million to $5 million in order to conform with the current federal applicable exclusion. SUMMARY OF SPECIFIC PROVISIONS: Section 1 of the bill amends subsection (a) of section 951 of the tax law by increasing the estate tax exemption to match the federal applica- ble exclusion amount of $5 million. Section 2 of the bill sets forth an immediate effective date. JUSTIFICATION: The New York State estate tax law only conforms to the federal estate tax laws that were enacted before 1998. They have not changed since then, especially not after the Economic Growth and Tax Relief Reconcil- iation Act of 2001 was enacted.
2013-S6153 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6153 I N S E N A T E (PREFILED) January 8, 2014 ___________ Introduced by Sen. AVELLA -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to raising the amount of the New York state estate tax exemption from one million dollars to five million dollars THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (a) of section 951 of the tax law, as amended by section 1 of part T of chapter 57 of the laws of 2010, is amended to read as follows: (a) Dates. For purposes of this article, any reference to the internal revenue code means the United States Internal Revenue Code of 1986, with all amendments enacted on or before July twenty-second, nineteen hundred ninety-eight, and, unless specifically provided otherwise in this arti- cle, any reference to December thirty-first, nineteen hundred seventy- six or January first, nineteen hundred seventy-seven contained in the provisions of such code which are applicable to the determination of the tax imposed by this article shall be read as a reference to June thirti- eth, nineteen hundred seventy-eight or July first, nineteen hundred seventy-eight, respectively. Notwithstanding the foregoing, the unified credit against the estate tax provided in section two thousand ten of the internal revenue code shall, for purposes of this article, be the amount allowable as if the federal applicable exclusion amount were [one] FIVE million dollars. S 2. This act shall take effect immediately and shall apply to all estates submitted to probate after this act shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03167-01-3
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.